2100NEWS WEEKLY CRYPTO REPORT May-17

Over the past week, NWST1100 dropped by 6.20%. The support had held, so we saw an upsurge, the price pulled back into the upper Keltner band. This year crypto investment represented by NWST1000 has beaten W1Dow (global equity) by 54.20%.

*We gauge the crypto market breadth and direction of the market by showing charts 2100NEWS Digital Assets Total Index (NWST1100) which represent the top 1100 Digital Assets. The chart overwhelmed with information is at first glance difficult to read but on the chart is the most important price information, important decisive price levels, momentum, volume of trading, and crypto market breadth.

The previous report showed, that our assumption for the past week had been: Bears would control crypto markets. The forecast was correct, is evidenced by the red column on the table below. The most important question was “would the support level represented by 143-day EMA (working days) hold or fail?” Looking at the chart NWST1100 above we can see, the support had held. Index price pulled off, so we saw an upsurge, the price pulled back into the upper Keltner band. Indicators: RSI and PPO changed direction. The breadth indicators stayed strong.

Outlook for this week

Looking ahead, the indicators give us the following signals: at the top, we can see momentum indicators, RSI is 65- bullish (can be overbought for days), PPO histogram bars could continue sloping up in the next few days. The Breadth indicators could flatten out. This set up is the basis for my opinion: a move upward in the bigger sideways trend is more likely, the price could test the resistance R1 (+6%).

Performance of different groups of Digital Assets (Coins and Tokens)

Looking at the table, you can see crypto markets continued a pullback in the last week, the total (NWST1100) index dropped by 6.20%. Coins led the crypto markets lower, so NWSCo100 was the weakest index.

Crypto (Digital Assets) compared with global equity

On the chart below, the performance of the average Digital Aset represented by our NWST1100 index is compared with the average global equity represented by Dow Jones global index W1Dow.

This year the NWST1100 had beaten W1Dow by 60% twice. In March pair experienced pullback in collapse caused by corona pandemic, crypto markets had fallen more than equity and lost their advantage. Since 18th March NWST1100 vs. W1Dow pair had rebounded. This year crypto investment represented by NWST1000 has beaten global equity by 54.2%. In the box in the middle of the chart is the original NWST1100 price, at the bottom of the chart is W1Dow. The blue curve is the average index price last twelve months. We can see that the NWST1100 price is near the average while W1Dow price is 8.2% below the average.

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